The Wyckoff Wave Still Range Bound

Our ProTraders subscription started offering buy/sell recommendations on Bitcoin as well a few weeks ago.  We gave a buy on Wednesday at $7,490, and we are currently trading $9,700 after briefly touching $10,400.  We expect this market to continue sharply higher in the months ahead.

The Wyckoff Wave opened down Monday, then traded slightly higher the rest of the week.  Volume still at low levels.
The O-P was unchanged for the week.
The Force Index was also unchanged.
The Technometer is off oversold and working its way to neutral.

 

The Wyckoff Wave lead the OP this week, while the OP languished somewhat.

 
The Wyckoff Wave is still trading within the confines of its purple trading range.  Still no clues onto which way it will breakout.
The Technometer did get close to oversold on Monday’s lower opening, and gave us a low for the week.  We are now nearing neutral, and the Wave is not showing major strength where we would like it too.
If Monday’s low of 48,858 is taken out to the downside, it would be bearish action.  As mentioned last week, this is the low that was caused my large put buying.
For now, we will allow the Wave to continue its rally, until our Technometer gets overbought.  To be bullish, it needs to make an assault at the resistance level of the long trading range.

 
The Wyckoff Wave Growth Index (WWG) traded basically flat for the week until Friday’s lower opening and reversal and strong close.
The Technometer is nearing overbought, so we do not expect a major rally here.

 
The SPY also finished the week slightly higher.  The rally is slow and no volume, which is not ideal.
The Technometer is slightly below neutral, so it would appear some more rally for now.

 
The bond market was down ever so slightly last week again.
The Technometer was near oversold and now nearing overbought, so no trade ideas at this time.

 
The GDX finished the week on rally mode. It once again bounced off the $26.50 level.
The Technometer is nearing overbought and we are still short this market.  Let’s see if we can continue lower….

 
The long dollar ETF, UUP traded higher for the week.  We are getting the corrective rally we mentioned last week.  We will look for a place to enter shorts, but for now the Technometer is oversold and showing possible continued rally attempts.

IMPORTANT ANNOUNCEMENT:  Our “Pulse of The Market” charting software for Cryptocurrrencies is now working.  This software has consolidated volume for the Crypto’s which is utmost important when applying Wyckoff Technical Analysis.   We are showing this software in use on our social media sites. 
We have recently started a Discord channel where we discuss the Crypto markets.  We have had huge success and if you trade Bitcoin you might like monthy access at $40 a month.  https://www.patreon.com/LearnCrypto
Due to the demand for Bitcoin/Cryptocurrency information and trading knowledge, we released a Cryptocurrency and Wyckoff Trading Course at our site, LearnCrypto.io   This course is being offered at an affordable $299.99.  We have had 960 students enroll since its launch on June 22, 2017.   On June 28th we added lessons detailing the OP, Force, and Technometer and how to use these Wyckoff Tools for analysis.
If you are interested in Wyckoff stock chart analysis as well as Crptocurrency, search “Learn Crypto / Wyckoff SMI” or click this link https://www.youtube.com/channel/UCDxK2PwEDvoaHZgjPV_WgcA
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Good Trading,

Todd Butterfield